OFT Warns Estate Agents Of Strict New Policies And Fines

October 6, 2010

The Office of Fair Trading (OFT) has published its interim policy on imposing financial penalties on estate agents and certain credit lenders who have failed to register under its money laundering registration scheme but continue to carry on a supervised activity.

The Anti-Money Laundering Interim Penalties Policy makes clear that if such estate agents and certain credit lenders fail to register with the OFT, they will be subject to fines that start at £2,000 and increase by £1,000 for each additional unregistered premise.

Where the OFT believes estate agents and certain credit lenders are not registered but are carrying on a supervised activity, it will give them 21 days to apply for registration or to explain why they are exempt from registration, before notifying them of the intention to apply a financial penalty.

Mario Tsavellas, OFT Director of Anti-Money Laundering, said: "Estate agents and certain credit lenders have an obligation to comply with statutory obligations under the Money Laundering Regulations 2007, which includes registration with the OFT.

Where businesses choose to ignore OFT warnings and do not register, we will impose civil financial penalties. It is vital that the OFT continues to identify those who should register, so that the OFT can supervise them effectively and reduce the risk of money laundering and terrorist financing in these sectors."

West One Loan Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 510024. West One Secured Loans Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 776026. Certain types of loans are not regulated, for example loans for business purposes or certain buy-to-lets.

West One Secured Loans Limited is a member of the Finance and Leasing Association (FLA).The FLA Lending Code can be found at www.fla.org.uk.

West One Loan Ltd is registered with the Information Commissioners Office.Registration Number: Z2651210.West One Secured Loan Ltd is registered with the Information Commissioners Office.Registration Number: ZA280381.West One Development Finance Ltd is registered with the Information Commissioners Office.Registration Number:ZA362893

West One Loan Ltd is registered in England and Wales. Company Number: 05385677. West One Secured Loans Ltd is registered in England and Wales. Company Number: 09425230.West One Development Finance Ltd is registered in England and Wales. Company Number: 11242570. Registered Office Address for these companies: 3rd Floor, Premiere House, Elstree Way, Borehamwood, Hertfordshire. WD6 1JH THIS IS FOR PROFESSIONAL INTERMEDIARY USE ONLY AND MUST NOT BE SHOWN OR DISTRIBUTED TO POTENTIAL CUSTOMERS